Ownership
GeTS is owned by CrimsonLogic which provides eGovernment services. In turn, CrimsonLogic is 55% owned by government agency Enterprise Singapore and 45% by the PSA which runs the Singapore Port. However, PSA also has interests in ports around the world. Most of its terminals are in Asia, but it has multiple European terminals, for example at Antwerp and Zeebrugge ports. Given the most significant competitor is the IBM/Maersk project, that reach is relevant. Both projects are permissioned networks based on Hyperledger Fabric.The purpose
The project aims to prevent fraud by putting the digital trade documentation onto their blockchain. This includes Certificates of Origin, Bills of Lading and invoices. Once the documents are on the blockchain, they can’t be tampered with because multiple different parties store copies. Hence there’s increased transparency and trust between shippers, freight-forwarders, and customers.Article continues …
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